DuPont cuts earnings forecast on lower ag sales
DuPont has reduced its second-quarter and full-year earnings per share forecast partly due to sales of agrochemicals and seed being lower than expected. The revised outlook reflects lower herbicide sales, largely due to adverse weather conditions. The company has also seen lower-than-expected maize seed sales and higher seed inventory write-downs. Soybean seed volumes in North America have been higher than expected, but not enough to offset the decline in maize seed volumes, the company points out. It believes that this is a short-term negative trend and that there will be strong demand for its next-generation soybean products. "We have a strong global market position and a rich pipeline and we will make the necessary changes so that we return to our five-year track record of delivering reliable, attractive growth our shareholders expect from this segment," says DuPont chair and CEO Ellen Kullman.